Core Insights - BitFuFu Inc. reported its operational updates for November 2025, highlighting a strategic transition to next-generation mining equipment while managing market volatility [1][2][3]. Bitcoin Holdings and Production - The company sold 205 BTC in November 2025 at an average price of $107,000 to manage supplier obligations and mitigate risks during market fluctuations [4]. - As of November 30, 2025, BitFuFu held 1,764 BTC, a decrease of 189 BTC from October 31, 2025 [10]. - The company produced a total of 231 BTC, with 190 BTC from cloud mining and 41 BTC from self-mining [10]. Hashrate Overview - Total hashrate under management decreased to 26.4 EH/s, a 13.4% month-over-month decline due to a slowdown in hashrate procurement amid Bitcoin price volatility [10]. - Self-owned hashrate was reported at 3.7 EH/s, down 1.3 EH/s from the previous month, attributed to ongoing upgrades of mining machines [10]. - The hashrate from third-party suppliers and hosting customers stood at 22.7 EH/s [10]. Power and Infrastructure - The total power capacity under management was recorded at 478 MW, reflecting a 13.9% month-over-month decrease [6]. Mining Services - BitFuFu had 648,221 registered users for its cloud mining services as of November 30, 2025 [7]. Upcoming Conferences - The company will participate in several upcoming conferences, including the B. Riley Convergence Conference in NYC on December 4, 2025, and Bitcoin MENA 2025 in Abu Dhabi on December 8-9, 2025 [11].

Core Insights - BitFuFu Inc. is sponsoring Bitcoin MENA 2025, scheduled for December 8-9, 2025, in Abu Dhabi, UAE, highlighting its commitment to the Bitcoin ecosystem in the Middle East [2][3] - The conference aims to gather industry leaders, institutional investors, and policymakers to explore opportunities in the growing Middle East Bitcoin market, building on the success of the previous year's event which attracted over 6,000 attendees [3][4] - BitFuFu's participation reflects its strategic focus on expanding global mining operations and enhancing its presence in the Middle East through partnerships with local data center operators [5] Company Initiatives - The company will have representatives available at the conference to discuss its mining operations, technological innovations, and strategic vision for Bitcoin infrastructure development in the region [6] - Olga Kochmar, the Commercial Director, will participate in a panel discussion titled "Buy It or Mine It? The Benefits of Hosted Mining" on December 9, 2025 [6] Company Overview - BitFuFu Inc. is recognized as a leading Bitcoin miner and innovator in mining services, committed to empowering the global Bitcoin network through its cloud mining platform and rapidly scaling data center infrastructure [8]

Core Insights - BitFufu (FUFU) reported Q3 2025 earnings of 6 cents per share, exceeding the Zacks Consensus Estimate of 3 cents per share, with a net income of $11.6 million compared to a loss of 3 cents per share in the same quarter last year [1][10] - Revenues surged 100.1% year over year to $180.7 million, surpassing the Zacks Consensus Estimate by 39.84%, driven by strong demand for cloud-mining solutions and mining equipment [2][9] - The company produced 1,207 Bitcoins in the quarter, with 33% of cloud mining revenues coming from new customers, indicating strong customer retention [6] Revenue Breakdown - Cloud mining solutions accounted for 68% of total revenues, increasing 78.4% year over year to $122.9 million due to rising demand and expansion of managed hash rate [3] - Self-mining operations, representing 11.1% of total revenues, decreased 2.2% year over year to $20.1 million, impacted by higher blockchain difficulty and a lower self-mining hash rate [4] - Mining equipment sales, making up 19.8% of total revenues, rose significantly to $35.8 million from $0.3 million in the year-ago quarter, driven by strong demand and strategic partnerships [5] Operational Highlights - Total mining capacity increased 37.4% year over year to 36.0 EH/s, while hosting capacity rose to 624 MW from 556 MW [7] - The number of registered cloud-mining users grew 40.8% to 641,526 [7] - Bitcoin holdings increased by 19.8% to 1,962 BTC [7] Expense Management - General and administrative expenses totaled $1.9 million, with sales and marketing and research and development expenses each at $0.6 million, reflecting a combined reduction of 52.6% from $6.5 million in the prior year [8] Financial Performance - Operating income for Q3 2025 was $14.1 million, a significant improvement from an operating loss of $3.95 million in the previous year [10] - Adjusted EBITDA reached $22.1 million compared to $5.8 million in the year-ago quarter [10] - As of September 30, 2025, cash and cash equivalents stood at $32.6 million, down from $40 million as of June 30, 2025 [11]

Core Viewpoint - BitFuFu held its Third Quarter Earnings Conference Call, where financial results were discussed, and the call was led by key executives including the Chairman and CEO, Leo Lu, and CFO, Calla Zhao [1]. Group 1: Financial Results - The financial results for BitFuFu were released earlier and are accessible on the company's Investor Relations website and global newswire [1]. - The call included discussions on non-GAAP financial information, which supplements the GAAP results, with a reconciliation table provided in the earnings release [3]. Group 2: Forward-Looking Statements - The discussion included forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, indicating that these statements involve risks and uncertainties [2]. - The company does not assume any obligation to update forward-looking statements except as required by law [3]. Group 3: Communication Protocol - There will be no Q&A session during the call; instead, questions can be emailed to the company, with responses typically provided within 24 hours [4].

Financial Data and Key Metrics Changes - Total revenue for the third quarter reached $180.7 million, doubling year over year and increasing 57% sequentially [3][18] - Adjusted EBITDA was $22.1 million, significantly up from $5.8 million in the same period last year [19] - Net income increased to $11.6 million from a loss of $5 million in the same period last year [19] - Basic and diluted earnings per share were $0.07, compared to a loss of $0.03 per share in the same period of 2024 [19] Business Line Data and Key Metrics Changes - Cloud mining revenue increased to $122.9 million, a 78% year-over-year increase and a 30% increase compared to the second quarter [19] - Self-mining revenue was $20.1 million, down slightly year-over-year but up almost 36% from the second quarter [19] - Mining equipment sales revenue increased to $35.8 million, representing almost 20% of total revenue [19] Market Data and Key Metrics Changes - Customer demand for cloud hash rate grew strongly, with new customers contributing approximately 33% of cloud mining revenue and existing customers contributing approximately 67% [21] - The company produced a total of 1,207 Bitcoins, including 174 from self-mining and 1,033 generated through client cloud mining activities [21] Company Strategy and Development Direction - The company aims to deepen its core cloud mining franchise and advance cooperation in the real-world assets sector [25] - It plans to progress natural gas pilots in Canada and expand partnerships from hosting into future co-development [25] - The strategy includes transitioning from a purely asset-light model to an integrated approach balancing asset-light operations and strategic asset-heavy investments [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market potential of cloud mining, projecting that cloud mining services could account for approximately 60% of the cryptocurrency mining market by the next decade [5][6] - The company has demonstrated resilience in both bull and bear markets, maintaining profitability even during downturns [8] - Management emphasized the importance of safeguarding capital and platform reliability for institutional clients [4] Other Important Information - The company held $32.6 million in cash and cash equivalents and $222.1 million in digital assets as of September 30, 2025 [22] - A significant increase in digital assets was driven by treasury management strategy and a 22% increase in Bitcoin price [23] - The average daily trading volume of the stock increased by 138% compared to the first quarter of 2025 [24] Q&A Session Summary - No Q&A session was conducted during the call, but participants were encouraged to email questions to the investor relations team for responses [2]

Financial Data and Key Metrics Changes - Total revenue for the third quarter reached $180.7 million, doubling year-over-year and increasing 57% sequentially [5][32] - Adjusted EBITDA was $22.1 million, significantly up from $5.8 million in the same period last year [33] - Net income increased to $11.6 million from a loss of $5 million in the same period last year [33] - Basic and diluted earnings per share were $0.07, compared to a loss of $0.03 per share in the same period of 2024 [33] Business Line Data and Key Metrics Changes - Cloud mining revenue increased to $122.9 million, a 78% year-over-year increase and a 30% increase compared to the second quarter [34] - Self-mining revenue was $20.1 million, down slightly year-over-year but up almost 36% from the second quarter [34] - Mining equipment sales revenue increased to $35.8 million, representing almost 20% of total revenue [34] - New customers contributed approximately 33% of cloud mining revenue, while existing customers contributed approximately 67% [35] Market Data and Key Metrics Changes - The average price of Bitcoin increased by approximately 88% compared to the same period last year [32] - The company produced a total of 1,207 Bitcoins, including 174 from self-mining and 1,033 generated through client cloud mining activities [36] Company Strategy and Development Direction - The company aims to transition from a purely asset-light model towards an integrated approach balancing asset-light operations and strategic asset-heavy investments [19] - The company is actively pursuing opportunities to build or acquire mining facilities globally [19] - A cooperation agreement focused on real-world assets (RWA) has been signed to bridge the cloud mining business with broader capital markets [26] - The company is preparing to launch two natural gas-powered mining pilots in Canada to evaluate cost and uptime advantages [27] Management's Comments on Operating Environment and Future Outlook - The management expressed optimism about the market potential of cloud mining, projecting that cloud mining services could account for approximately 60% of the cryptocurrency mining market by the next decade [11] - The company emphasized its resilience during Bitcoin price volatility, stating that demand for cloud mining does not decline when Bitcoin prices fall [14] - The management highlighted the importance of safeguarding capital and platform reliability for institutional clients [8] Other Important Information - Total mining capacity increased to approximately 36 exahash, supported by 624 MW of hosting capacity [25] - The company held $32.6 million in cash and cash equivalents and $222.1 million in digital assets as of September 30, 2025 [38] - The average daily trading volume of the stock increased by 138% compared to the first quarter of 2025 [41] Summary of Q&A Session - No Q&A session was conducted during the call, but participants were encouraged to email questions to the investor relations team for responses [4]

Financial Data and Key Metrics Changes - Total revenue for the third quarter reached $180.7 million, doubling year over year and increasing 57% sequentially [3][16] - Adjusted EBITDA was $22.1 million, significantly up from $5.8 million in the same period last year [17] - Net income increased to $11.6 million from a loss of $5 million in the same period last year [17] - Basic and diluted earnings per share were $0.07, compared to a loss of $0.03 per share in the same period of 2024 [17] Business Line Data and Key Metrics Changes - Cloud mining revenue increased to $122.9 million, a 78% year-over-year increase and a 30% increase compared to the second quarter [17] - Self-mining revenue was $20.1 million, down slightly year-over-year but up almost 36% from the second quarter [17] - Mining equipment sales revenue increased to $35.8 million, representing almost 20% of total revenue [18] - New customers contributed approximately 33% of cloud mining revenue, while existing customers contributed approximately 67% [18] Market Data and Key Metrics Changes - The average price of Bitcoin increased by approximately 88% compared to the same period last year [16] - Total mining capacity increased to approximately 36 exahash, supported by 624 megawatts of hosting capacity [13] Company Strategy and Development Direction - The company aims to transition from a purely asset-light model towards an integrated approach that balances both asset-light operations and strategic asset-heavy investments [10] - The company is actively pursuing opportunities globally to build or acquire mining facilities [10] - A cooperation agreement focused on real-world assets (RWA) has been signed to bridge the cloud mining business with broader capital markets [13][14] - The company is preparing to launch two natural gas-powered mining pilots in Canada to evaluate cost and uptime advantages [14] Management's Comments on Operating Environment and Future Outlook - The company remains optimistic about the market potential of cloud mining, projecting that cloud mining services could account for approximately 60% of the cryptocurrency mining market by the next decade [5] - The company has demonstrated resilience in its business model, maintaining growth even during bear markets [8] - The focus for the fourth quarter is on operational execution and customer experience [16] Other Important Information - Total quarterly costs were $173.5 million, which included depreciation and amortization expense of $7.5 million [19] - The company held $32.6 million in cash and cash equivalents and $222.1 million in digital assets as of September 30, 2025 [20] - The average daily trading volume of the stock increased by 138% compared to the first quarter of 2025 [22] Q&A Session Summary - No Q&A session was conducted during the call, but participants were encouraged to email questions to the investor relations team for responses [2]

Core Insights - BitFuFu Inc. reported quarterly earnings of $0.06 per share, exceeding the Zacks Consensus Estimate of $0.03 per share, and showing a significant improvement from a loss of $0.03 per share a year ago [1] - The company achieved revenues of $180.67 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 39.84% and doubling year-ago revenues of $90.34 million [2] - BitFuFu Inc. shares have underperformed the market, losing approximately 35.6% year-to-date compared to the S&P 500's gain of 16.4% [3] Earnings Performance - The earnings surprise for the recent quarter was +100.00%, following a previous surprise of +50% when actual earnings were $0.09 against an expectation of $0.06 [1][2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $139.72 million, and for the current fiscal year, it is $0.24 on revenues of $462.09 million [7] - The estimate revisions trend for BitFuFu Inc. was favorable ahead of the earnings release, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Financial - Miscellaneous Services industry, to which BitFuFu Inc. belongs, is currently ranked in the top 25% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

Core Insights - BitFuFu Inc. reported a significant year-over-year revenue growth of 100.1% in Q3 2025, reaching $180.7 million, driven by strong demand for cloud-mining solutions and mining equipment [2][11] - The company achieved a net income of $11.6 million in Q3 2025, a turnaround from a net loss of $5.0 million in the same period of 2024 [18][11] - The CEO highlighted the effectiveness of BitFuFu's dual-engine model, which combines cloud-mining revenue with self-mining operations, allowing for better management of market volatility [4] Financial Performance - Total revenue for Q3 2025 was $180.7 million, up from $90.3 million in Q3 2024, marking a 100.1% increase [11] - Revenue breakdown for Q3 2025: - Cloud mining solutions: $122.9 million (68.0%) - Self-mining operations: $20.1 million (11.1%) - Mining equipment sales: $35.8 million (19.8%) [3] - Adjusted EBITDA rose to $22.1 million from $5.8 million in Q3 2024 [19] Operational Highlights - Total mining capacity increased by 37.4% to 36.0 EH/s as of September 30, 2025, compared to 26.2 EH/s a year earlier [8] - The number of registered cloud-mining users grew by 40.8% to 641,526 [8] - Bitcoin holdings increased by 19.8% to 1,962 BTC [8] Cost and Expenses - Cost of revenue in Q3 2025 was $173.5 million, a 94.1% increase from $89.4 million in Q3 2024, aligning with revenue growth [15] - Operating expenses decreased significantly to $3.1 million from $6.5 million in the same period of 2024, primarily due to lower share-based compensation [17] Liquidity and Capital Resources - As of September 30, 2025, the company had cash and cash equivalents and digital assets totaling $254.8 million, up 51.5% from $168.1 million at the end of 2024 [20]

Core Insights - BitFuFu (FUFU) is expected to report third-quarter 2025 results on November 12, with revenues projected at $129.20 million, reflecting a year-over-year growth of 43.01% [1] - The consensus estimate for earnings is 3 cents per share, indicating a significant year-over-year increase of 200% [1] Group 1: Performance Drivers - FUFU's performance in the upcoming quarter is anticipated to benefit from increased mining capacity, which reached 38.6 exahashes per second, and hosting capacity of 752 megawatts, both record highs as of July 31, 2025 [1] - The rising price of Bitcoin, currently around $120,000, is expected to positively impact FUFU's performance, with predictions suggesting it could reach $200,000 by the end of 2025 [2] - Cloud mining is a key growth driver, with new customers contributing approximately 51% of cloud mining revenues in Q2 2025, and over 629,000 registered users as of July 31, 2025, indicating strong demand for FUFU's services [3] Group 2: Potential Challenges - Fluctuations in Bitcoin prices and intense competition in the cryptocurrency mining and cloud mining sectors may pose risks to FUFU's performance in the upcoming quarter [4] Group 3: Earnings Expectations - According to the Zacks model, FUFU has an Earnings ESP of 0.00% and a Zacks Rank 1 (Strong Buy), which typically indicates a favorable outlook for earnings performance [5]